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Bharti AirtelManagement Presentation – Aug 2015

Disclaimer

Certain numbers in this presentation have been rounded off for ease of representation

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This presentation contain certain statements of future expectations and other forward-looking statements, including those relating to our general business plans and

strategy, our future financial condition and growth prospects, and future developments in our industry and our competitive and regulatory environment. In addition to

statements which are forward looking by reason of context, the words ‘may, will, should, expects, plans, intends, anticipates, believes, estimates, predicts, potential or

continue’ and similar expressions identify forward looking statements.

Actual results, performances or events may differ materially from these forward-looking statements including the plans, objectives, expectations, estimates and

intentions expressed in forward looking statements due to a number of factors, including without limitation future changes or developments in our business, our

competitive environment, telecommunications technology and application, and political, economic, legal and social conditions in India. It is cautioned that the

foregoing list is not exhaustive

“The information contained herein does not constitute an offer of securities for sale in the United States. Securities may not be sold in the United States absentregistration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Any public offering of securities to be made in the United Stateswill be made by means of a prospectus and will contain detailed information about the Company and its management, as well as financial statements. No money,securities or other consideration is being solicited, and, if sent in response to the information contained herein, will not be accepted.”

Investor Relations :- http://www.airtel.inFor any queries, write to: [email protected]

2

Agenda

• Introduction to Bharti Airtel

• Industry Themes

• Bharti Airtel: Growth Opportunities

• Key Performance Indicators

• Other Businesses

• Financial Overview

• Leadership

3

BHARTI AIRTEL:

WHO WE ARE

Bharti Airtel

2.02bn Addressable Population 4

US$15.1bn Revenue 3

Present in20 Countries

#1 OperatorIn India 1

#2 OperatorIn Africa 5

#3 in-country wireless service operator in the world 2

#3 Operatorin the World 1

Source: TRAI and Informa Telecoms and MediaNotes:1. As of Mar 31, 20152. Based on proportionate equity subscriptions with data from Informa Telecoms and Media. In-country wireless operator refers to single country subscribers 3. FY2015 Revenue4. Combined population for the regions in which Airtel has a footprint5. As measured by proportionate equity subscription in a single country, according to 2014 Informa Telecoms and Media 5

1998 2004

300 million

customers

First launched in Delhi and HP

Pan India footprint; India’s largest telco

2008

Launch direct to home services (DTH)

2010

Acquired Zain; Present in over 20 countries

2010

New brand launch

2011

3G services launched

2013

First operator to launch 4G in India

2014

Crossed 300 million customers

Source: Company Filings

Start up (1995 - 2000) Land Grab (2001 - 2010) Multiple Plays (2011 onwards)

Journey Through The Times

Launch of Airtel Money in India

2012

6

Global Services Portfolio

Source: TRAI and Informa Telecoms and Media1. Bharti Airtel Quarterly Report for quarter ending June 30, 20152. Market Cap data as on Jun 30, 2015, closing exchange USD/INR rate = 63.753. Revenue pie chart based on pre inter-segment eliminations 7

Over 324 million customers

FY15 Revenue: $15.1 bn3

Mobile Services across 20 countries

• 318 mn1 wireless subscribers globally• Over 1.23 trillion minutes of calls in FY 2015• Over 333 petabytes of data over the last year• Over 173,000 base station sites

Telemedia Services (Fixed Line & Broadband)

• 3.4 mn1 broadband & internet customers• Services provided across 87 cities

Digital TV

• Pan India DTH, 10.4 mn1 subscribers – top 3 player• Coverage across 639 districts1

Airtel Business (Large enterprises and carriers)

• Over 225,000 Rkms1 across 50 countries, 5 continents

Tower Infrastructure Services

• Bharti Infratel – 37,486 towers1 across 11 circles• 42% stake in Indus Tower which has 116,454 towers1

across 15 circles• Current market cap: US$13.3 bn2

Uniquely positioned with strong asset base

Five key businesses creating an end-to-end

global telecom company

Scale and Profitability across Diversified Segments

*excludes Working Capital changes, includes the Cash flow from Infratel OFS and Secondary Sale during the yearSource: Company Filings (NSE, BSE)Note: 1. EBITDA pie chart are based on pre inter-segment eliminations

Diversified suite of offerings

with non-wireless segments contributing 22% to

operating profit (1QFY16)

8

FY15 YoY Growth 1QFY16

Revenue $15.1 bn 6.5% $3.7 bn

EBITDA $5.1 bn 12.0% $1.3 bn

EBIT $2.6 bn 29.0% $0.7 bn

Capex $3.1 bn $0.6 bn

Interest & Taxes $1.5 bn -1.0% $0.4 bn

FCF* $1.3 bn $0.3 bn

Enterprise Value $35.8 bn 14.6% $37.7 bn

International Operations contributed 28% of 1QFY16 revenues

Segment Wise Contribution to EBITDA (1QFY16)

Segment Wise EBITDA Margins (1QFY16)

63%

15%8% 5% 6% 3%

India & SAWireless

AfricaWireless

Tower Infra Airtelbusiness

Telemedia Digital TV

38.8%

20.6%

48.7%

20.9%

46.1%

35.2%

IndiaWireless

AfricaWireless

Tower Infra Airtelbusiness

Telemedia Digital TV

WELL POSITIONED

IN KEY GROWTH

MARKETS

Present in Growth Markets

Source: Ericsson, as of Q4 2014Note 1: As of Quarter ended Jun 2015, revenue growth on constant currency basis

10

Growth markets contribute over a third of new subs- India

- Bangladesh- Sri Lanka- 17 in Africa

Central and Eastern Europe, 7

Western Europe, 3

Latin America, 8

Middle East, 6

APAC (excluding India and China),

26

North America, 6

China, 14

Africa, 23

India, 12

105 million new mobile subscriptions globally

in millions

… And Under-Penetrated Geographies

Source: Ericsson, as of Q4 2014Notes:1. Company filings, as of Quarter ended Jun 2015 11

Airtel’s span: 1

Over 230.6 million customers in India Over 78.3 million in AfricaOver 9.0 million in South Asia (Sri Lanka and Bangladesh)

12

8 Operators 14 Operators 10 Operators

Market share

Industry wide focus on improving operational and financial health

• Industry consolidation via market share gains, with top 3 now accounting for over 71% of the industry revenues

• Exits by many operators post Feb 2012 SC verdict (122 licenses cancelled), many rationalized their footprints

• Spectrum auctions fortified consolidation story

Source: As per company’s reported numbers

India: Industry Consolidation Underway Through Revenue Shares

13 of 44

Africa: Then and Now

Invested for Growth in Africa

20152010

The Demographic Dividend

Source: UN Statistics; Euromonitor

14

30.527.9

19.417.8

World India Africa Nigeria

602

619

2013 2015

17 mn more Indians between 15 to 44 years 1Median Age Projected in 2020 (years) 1

Triggers To Bolster Data Uptake

Notes:1. IDC, Avendus estimates 2013, IDC shipments data 20152. Nokia MBiT 2015

Smartphone shipments to India have doubled from 43.23 mn to 81.6 mn year

over year (2014 vs 2013). During Q2 2015 26.5 mn smartphones were

shipped up 44% YoY

15

Smartphone penetration in Asia 1

India is expected to have one of the fastest growth rates in the data segment driven by low cost mobile handsets and new technologies (3G/4G)

Driving 2G to 3G Growth 2

AIRTEL: GROWTH

OPPORTUNITIES

Investment Highlights

17

Diversified operator with dominant position in marketplace

Large residual opportunity with bulk investments in place

Growth Strategy: Voice Secularity, Mobile Data and New Services

Focus on customer stickiness with increasing postpaid share

Focus on generating efficient utilization on operating and capital expenditures

1

2

3

4

5

229

185

160

109

83 81

62 67

Bharti Airtel Vodafone Idea RelianceComm

Aircel BSNL&MTNL Tata Others

The Leading Indian Wireless Operator

8%Customer Market Share

24% 11%16% 8% 6%19% 7%

Airtel has leadership in 17 circles of the total 22 circles (rank 1 or 2) with average

RMS of 36.4% in these circles

Source: TRAINotes:1. As of May 31, 2015 2. For quarter ended Mar 31, 2015. Calculated on the basis of Gross Revenue for UASL + Mobile +CMTS licenses 18

30% Wireless Revenue Market Share224% Wireless Subscriber Market Share1

1

30.4%

23.2%6.1%

5.7%

18.2%

7.1%

5.7%3.6%

Bharti Airtel

Vodafone

RCOM

BSNL+MTNL

Idea

Tata

Aircel

Others

Multiple Plays, Multiple Opportunities


19

DTH:

EBIT positive,

generating significant

OFCF

Telemedia:

One of four customers on Airtel,

DSL ARPU> Rs 1000

Wireless:

20 growth markets

Integrated Telco

Tower Co:

Consolidating the data growth, sharing factor>2

Airtel Money:

Building Scale

Airtel Business:

50 countries, 5 continents

1

India: Investments To Yield Results

Source: 1. Including Qualcomm licenses, excluding administered spectrum2. Annualized 9M Revenues for FY15, Utilization based on 2G/3G spectrum3. Ex 20 MHz BWA spectrum holding in 8 circles 20

Nominal Value of

liberalized spectrum at

USD 12 billion1

Industry leading

revenue2

yield/MHz at 2x avg with

same cost/MHz

Wide spectrum presence:

16.1%3

spectrum market share

Largest optical fiber

network amongst private players

Prime spectrum to yield data growth:

Virtually Pan India 3G &

4G

2

India: Strong Spectrum Position

� Spectrum across 900/1800/2100/2300 bands, more or less fungible across technologies

� Hold 553.5 MHz (393.45 MHz paired & 160 MHz unpaired) spectrum

� During Mar’15 auctions, the company spent ~58% of the overall spend on acquiring growth spectrum

� Only operator with pan India 3G & 4G footprint - widest broadband footprint in India.

� Bharti has rolled out 3G and 4G services - with over 17 million 3G customers and close to 300,000 customers in 4G LTE across 19 cities

Source: TRAI, Department of Telecom, Company Filings

Bharti Airtel plans to leverage its existing network and superior

spectrum position for data roll-outs

21

Bharti Airtel’s Spectrum Position Spectrum Holdings

Spectrum Band

Industry Spectrum

(MHz)

Industry Spectrum ex BSNL/MTNL

(MHz)

Spectrum held by Bharti

(MHz)

Bharti spectrum Market Share ex

BSNL/MTNL

900 439.6 295.2 116.4 39.4%

1800 955.3 877.3 177.1 20.2%

2100 535.0 425.0 100.0 23.5%

2300 660.0 440.0 80.0 18.2%

2

22

< 60% 60% - 90%

90% +

Penetration

No 1 Share

No 2 Share

No 3 Share

Share

India: Incumbent with Growth Opportunity2

Africa: Geographical Opportunity & Performance

Mobile Penetration(%) Number of Countries

< 60% 8

60% - 90% 6

> 90% 3

Market Position Number of Countries

# 1 8

# 2 6

# 3 3

Source: Company data, CIA World Factbook, World BankNote: 1. Only GSMA telecoms considered

23

Through organic as well as in-country acquisitions we are #1 or #2 in 14 markets

Number ofcompetitors

<=2 3 >=4

No. of countries1 9 6 2

2

Value Growth

Volume Growth

24 of 44

Growth Lever: Voice Secularity

Significant headroom for value as well as volume upside on a secular basis

Carries over 1 trillion minutes

Secular Volume growth Y-o-Y

Significant gap between realized and rack rates

1 paisa upside adds $200 mn to top line

3

25 of 44

Growth Lever: Data Across 2G/3G/4G

Converged opportunity across technologies

India’s first 4G network

Industry first initiativesSole operator to be part of

Google’s Android One devices strategy

Data comes at incrementally higher EBITDA margins as compared to voice

3

34564 38055 4185048825 52886

24.7%26.9%

29.3%

33.3%

35.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

0

50000

100000

150000

200000

250000

Q1'15 Q2'15 Q3'15 Q4'15 Q1'16

3G Sites Total Sites % 3G sites

26

Largest 3G Network In India

Source:1. Company filings2. Ericsson

3G sites up 53.0% YoY 1 Expected Population Coverage Growth 2

3

27

4G Services Launched

Key to tap into the data opportunity

Launched in 296 cities in India on mobiles, mifi, dongles, home wifis

4G launch Africa in the Seychelles, Gabon, Rwanda

3

Unmatched value and seamless customer experience

• 4G at 3G prices

• Infinity plans: offer unlimited voice on mobile along with data

• Flexpage: automated platform allows users to track data usage

Innovative alliances

• Unique alliances with Flipkart and Samsung

• Quick transition to Airtel 4G: SIM swap/home delivery of Airtel SIM

Mega Airtel 4G brand campaign

• Airtel Challenge

• Demonstrates superior internet experience

Growth Story: Airtel Money, Wynk, Industry First Initiatives

28

• Offered in India and all 17 opcos in Africa

• KPI: Africa (Q1FY16)• Sub base of 7 million (up 1.6x YoY), transaction Value: $3,325 million

(up 72% YoY)

Airtel Money

• Carrier agnostic music and video apps with a curated library of 1.8 million songs and over 5000 movies & 20,000 other video content

• Wynk Music: 5 million downloads in just 6 months of launch

WynkMusic & Video

• Makes internet discovery easy for first time users

• 53 million page views within 4 months of launch• Accredited as “Best Mobile Service of the Year for customers” at GSMA

Global Mobile Awards 2015 at Barcelona

One Touch

Internet

3

29

• Airtel has industry wide lowest churn at 3.3%

• Led to rationalization of Gross Acquisition Costs driving INR 10bn savings

Source: As per company’s reported numbers

Quality Subscriber Acquisitions

India: Churn %

• In Africa, churn % decreased from 7% to 5.4% YoY

Africa: Churn %

4

6.10%

7%

6.10%5.50%

5.80%5.40%

Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15

2.40%

3.10%

2.70%2.50%

3.30%

Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15

202

198

202

198

198

5.1%

5.3%

5.4% 5.4%

5.6%

4.8%

4.9%

5.0%

5.1%

5.2%

5.3%

5.4%

5.5%

5.6%

5.7%

194

195

196

197

198

199

200

201

202

203

Jun-14 Sep-14 Dec-14 Mar-15 Jun-15

ARPU (INR) Postpaid customers (%)

Increasing High Value Customers

30

• Postpaid Myplan for customers and enterprise

• Extended Myplan for prepaid customers

• Expand company owned retail stores

• Strengthen DTH & Enterprise businesses

Postpaid subscriber base inching up

4

229,616228,452

232,171

230,155

236,70977.70% 76.60% 78.90% 77.40%

76.20%

44.30% 44%

43.90%

43% 43.10%

0.00%

10.00%

20.00%

30.00%

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

224,000

226,000

228,000

230,000

232,000

234,000

236,000

238,000

Jun-14 Sep-14 Dec-14 Mar-15 Jun-15

Total revenues Capex productivity Opex to Total revenues

31 of 44

Focus On Efficient Utilization Of Opex/Capex

(INR Mn)

Increasing Operating and Capital expenditure productivity

• Invested for growth -> yielding results

• Passive Infrastructure sharing

• Divestment of towers in Africa underway

5

KEY PERFORMANCE

INDICATORS

270,827

263,905267,485

277,869

290,802

Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16

209212

217

226

231


26.8 24.7 25.3 27.0 28.1

12.5 15.4 16.919.4 21.4

31.8% 38.5% 40.0%41.8% 43.2%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

0

10

20

30

40

50


3G Data subs 2G Data subs 3G subs as % of total data subs

India Performance Indicators


33

Total Subscribers (mn) Minutes on Network (mn)

Voice Realization per minute (paisa)

10% YoY 7% YoY

Bharti Airtel’s Data and 3G Base (mn)

38.08 37.69 37.6736.22

34.93


55.6

67.7

77.3

86.6

102.0


India: Significant Upside From ‘Data’

Source: Company filingsNote:1. For Mobile Services India 34

Bharti Airtel’s Non Voice Revenues as a % of Mobile Revenues 1

Annualized data revenues have surpassed USD 1.6 billion

83% YoY

Volumes doubling YoY (bn MBs)

0%

5%

10%

15%

20%

25%

30%

Data Revenue Other Non Voice Non Data Revenue

5.6

5.45.1

4.4 4.3

4.1 3.93.6

3.23.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

4.0

4.5

5.0

5.5

6.0

6.5

7.0


ARPU (US$) ARPM (US¢)

160

265 284

357

150

17,781 17,93518,347

18,819 19,146

14,000

16,000

18,000

20,000

0

50

100

150

200

250

300

350

400


Capex (US$m) Number of Sites

69.171.4 74.6 76.3 78.3

28.3 29.030.4 31.0

32.8

0.0

5.0

10.0

15.0

20.0

25.0

30.0

35.0

0.0

20.0

40.0

60.0

80.0


Subscribers (m) Total Minutes (bn)

Africa Performance Indicators


35

Total Subscribers (mn) and Total Minutes (bn) Minutes of Usage per sub

ARPU (USD) and ARPM (Usc) Capex (USDm) and Number of Sites

136 138 140 137 141


MoU per sub. per month

2,186

3,3452,925 2,892

3,325


9,882 11,04911,242

12,28913,039


Africa: Data and Mobile Money Are The Stars

36 of 44

Volumes up 112% YoY (Mn MBs)Data Customer Base (‘000s)

Mobile Money: Transactions Value (USD mn)

32% YoY112% YoY

52% YoY

3G sites up 50% YoY 1

6,5418,061

9,475

11,256

13,843


17,781 17,935 18,347 18,819 19,146

7,165 8,104 9,22810,011 10,722

Q1FY15 Q2FY15 Q3FY15 Q4FY15 Q1FY16Sites of which 3G

OTHER

BUSINESSES

Telemedia Services

Leading private operator with market share of 12.41%1

Source: Company FilingsNote 1: As of Oct 2014

• 1QFY16: 7% YoY revenue growth, 33% YoYEBITDA growth

• Pan-India presence of 90 cities

• Operates in the entire broadband continuum -fixed line voice and high speed broadband across Homes and Office segments, broadband (via DSL), IPTV, internet leased line and MPLS services

• Key Performance Indicators

– Customer base: 3.4 million

– Broadband penetration at 44.8% of customer base

– Average ARPU of $16.5 per month for quarter ended Jun 30, 2015

38

Airtel Business

Source: Company FilingsNote:1. Post FY09 this segment was reclassified

India’s leading and most trusted provider of ICT services

• 1QFY16: 22% YoY revenue growth, 26% YoY EBITDA growth

• Customer base across - enterprises, governments, carriers and small and medium business.

• Diverse portfolio of services - voice, data, video, network integration, data centers, managed services, enterprise mobility applications and digital media.

• Strategically located submarine cables and satellite network - global network running across 225,000 Rkms, covering 50 countries and 5 continents.

39

Digital TV Services

• 1QFY16: 16% YoY revenue growth, 67% YoY EBITDA growth

• First Company in India which provides real integration of all the three screens viz. television, mobile and computer enabling our customers to record their favorite TV programs through mobile and web

• Launched “Airtel Digital TV” service in October 2008 as fifth operator providing Direct-to-Home (DTH) services in India

– Subscriber base of ~10.4 million subscribers

– Lowest industry churn of 1%

– Present across 639 districts

– Offer 430 channels including 22 HD channels and 4 interactive services

– Also offers High Definition (HD) Set Top Boxes and Digital TV Recorders with 3D capabilities delivering superior customer experience

• Key Performance Indicators (Q1FY16)

– Average ARPU of $3.5 per month for quarter ended Jun 30, 2015

40

Tower Infrastructure

• 5% YoY revenue growth, 12% YoY EBITDAgrowth

• Holds a 42% stake in Indus Towers, amongstthe largest tower companies in the world,operating in 15 circles, thereby enabling theCompany to provide leading pan-India passiveinfrastructure services

• Sharing factor (Tenancy ratio) of ~2.05x pertower

• Bharti Infratel conducted its Initial Public Offeringin December 2012, raising $761m for a 10%stake

• Current market capitalization of US$13.3 bn1

Bharti Infratel owns 42% stake in Indus Towers

– one of the world’s largest passive infrastructure providers

Source: Company FilingsNote1 As of Jun 30, 2015

116,454

37,486 37,486

48,911

86,397

2.20

2.052.13

1.00

1.20

1.40

1.60

1.80

2.00

0

20,000

40,000

60,000

80,000

100,000

120,000

Indus Bharti InfratelStandalone

Bharti InfratelConsolidated

Sh

arin

g F

acto

r (x)

To

we

rs

Indus Pro-rata share Sharing Factor

41

FINANCIAL

OVERVIEW

Continued margin improvement

note: in INR terms

33*Net of Mobile Termination cutsSource: Company FilingsNote:1. Africa operations consolidated starting from 8th June 2010

Steadily Improving Financials (Consolidated) 1

44

Steadily Improving Financials (Consolidated) 1

Source: Company FilingsNote:1. Africa operations consolidated starting from 8th June 2010

Cash Flow from Operations (US$bn)Total Revenues (US$bn)

13.114.3 14.1 14.2

15.1

FY11 FY12 FY13 FY14 FY15

4.0 4.1

3.6

4.0

4.7

FY11 FY12 FY13 FY14 FY15

CAGR of 3.6% ($)

CAGR of 11.5% (INR)

45

Stable Margin Growth

Source: Company FilingsNote:1. Africa operations consolidated starting from 8th June 2010

13.30%7.10%

5.8%3.6%

3.1%

33.70% 33.70% 33.50%35.00% 34.90%

16.10%16.90% 17.20%

18.56% 17.80%

Q1'15 Q2'15 Q3'15 Q4'15 Q1'16

GR YoY growth % EBITDA % EBIT %

9.6

10.1

10.610.7 10.7

2.04 2.06 2.1 2.08 2.08

1.12

1.22

1.32

1.42

1.52

1.62

1.72

1.82

1.92

2.02

2.12

9.0

9.2

9.4

9.6

9.8

10.0

10.2

10.4

10.6

10.8

Q1'15 Q2'15 Q3'15 Q4'15 Q1'16

Net debt ($bn) Net debt- EBITDA ratio

Diversified debt profile; focus on deleveraging

46 of 44

Many strategic initiatives undertaken, further deleveraging through Africa tower sale and four countries hive off to Orange underway

Note:1. As of Jun 30, 2015

Leverage ratios improving

LEADERSHIP

Leadership in Business

Sunil Bharti Mittal, Chairman Rajan Bharti Mittal, Vice Chairman & MD• Honorary Degree awarded by

Newcastle University - 2012

• ‘Business Leader for the World Award’ from INSEAD in 2011

• ‘Indian Business Leaders of the Year’ award at the Global India Business Meeting, 2011

48

Akhil Gupta, Deputy Group CEO & MD

• ‘Outstanding Contribution to the Sector’ award at the Telecom Operator Awards 2012

• CFO India Hall of Fame by CFO India, 2011

Amongst top 100 most valuable brands globallyStudy by MillwardBrown, May 2012

Estimated brand value of over USD 11 bn, 2012Published in FinancialTimes

“Brand Leadership award in Telecom, 2012”Brand LeadershipAwards

Top TreasuryTeam, Asia; AdamSmith Award,EuroFinance

Bags five awards, tele.net Telecom Operator Awards 2013Including most admired telecom operator

Airtel Nigeria won 3 industry awards at Nigerian Telecom AwardsIncluding telecom brand of the year

Number 1 servicebrand in IndiaBrand Equity’s mosttrusted brands annualsurvey, 2013

One of top tenbrands in AfricaWithin 3 years ofoperations there

Highest Standards of Corporate Governance

Credit Rating and Information Services of India (“CRISIL”) has assigned its Governance and Value Creation rating “CRISIL GVC Level 1” to the corporate governance and value creation practices of Bharti

Airtel

Quarterly financials audited on IFRS, IGAAP basis

Diversified Board – 50% independent directors

SingTel representatives on the Board of the company

Professional organization with empowerment to operating team

IG rating from 3 International Rating Agencies

49

THANK YOU

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